In the new pattern of economic development advocated by the country,which emphasizes the"dual circulation,"the construction of Digital China and the accelerated development of new quality productive forces in China have formed a synergistic effect,jointly promoting transformations in quali-ty,efficiency,and momentum.The article selects listed companies on the Shanghai and Shenzhen A-shares from 2013 to 2022 as the research sample,aiming to explore the impact of corporate digital transformation on innovation output when financial constraints are considered as a mediating variable.The study finds that corporate digital transformation has a significant positive effect on innovation out-put.Furthermore,in-depth analysis reveals that corporate digital transformation can effectively allevi-ate financial constraints.This finding not only emphasizes the core position of digital transformation in corporate management but also provides managers with a positive impetus to accelerate the digital process of their enterprises.At the same time,the research also provides references for enterprises on how to use digital tools to optimize financial management and strengthen cooperation with financial in-stitutions to solve financing problems during the digital transformation period.
Digital TransformationInnovation OutputNew Quality ProductivityFinancing Con-straints
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